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2021-05-20

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The Stock Market Looks Shaky. These Are the Stocks to Own.<blockquote>股市看起来摇摇欲坠。这些是值得拥有的股票。</blockquote>

An unusual pattern is emerging in stocks, and it isn’t encouraging. While the market has moved up, g

The Stock Market Looks Shaky. These Are the Stocks to Own.<blockquote>股市看起来摇摇欲坠。这些是值得拥有的股票。</blockquote>

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These Are the Stocks to Own.<blockquote>股市看起来摇摇欲坠。这些是值得拥有的股票。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1181082003","media":"Barrons","summary":"An unusual pattern is emerging in stocks, and it isn’t encouraging. While the market has moved up, g","content":"An unusual pattern is emerging in stocks, and it isn’t encouraging. While the market has moved up, growth stocks have fallen or failed to keep up.<blockquote>股市正在出现一种不寻常的模式，但这并不令人鼓舞。当市场上涨时，成长股下跌或未能跟上。</blockquote> That doesn’t happen in the early stages of a bull market, when high-growth stocks lead the way. It is more characteristic of the fading phase as leadership shifts from speculative growth to value stocks and safer blue chips. Indeed, the rotation out of growth lately has some uncomfortable parallels to market peaks in 1929, 1972, and 2000, all of which preceded brutal bear markets.<blockquote>在牛市的早期阶段，当高增长股票领先时，这种情况不会发生。随着领导层从投机性增长转向价值股和更安全的蓝筹股，这更具衰退阶段的特征。事实上，最近的增长周期与1929年、1972年和2000年的市场峰值有一些令人不安的相似之处，所有这些都发生在残酷的熊市之前。</blockquote> “It could be the sign that the market is going to turn lower in a broad fashion,” says Ben Inker, head of asset allocation at GMO, a value manager with more than $60 billion under management.<blockquote>管理着超过600亿美元资产的价值管理公司GMO资产配置主管Ben Inker表示：“这可能是市场将普遍走低的迹象。”</blockquote> Granted, for all the negatives hitting stocks—led by fear of inflation and tighter monetary policy—there are some positives. Corporate profits are coming in ahead of Wall Street forecasts as the economy gains momentum, expanding at its fastest pace in decades. As the pandemic winds down and hiring picks up, profit estimates may even increase.<blockquote>诚然，尽管对通胀和货币政策收紧的担忧导致股市面临所有负面影响，但也有一些积极因素。随着经济势头增强，以几十年来最快的速度扩张，企业利润超出了华尔街的预期。随着疫情的结束和招聘的增加，利润预期甚至可能会增加。</blockquote> But plenty of market signals are flashing red. Cryptocurrencies, special-purpose acquisition companies, and tech stocks are ailing. Equity issuance has soared to its highest levels since the dot-com bubble. Investors have flooded into option bets on individual stocks. And the meme-stock frenzy earlier this spring was a warning that excess liquidity is sloshing around. That money may be starting to drain out faster than it rushed in.<blockquote>但大量市场信号正在闪烁红灯。加密货币、特殊目的收购公司和科技股表现不佳。股票发行量飙升至互联网泡沫以来的最高水平。投资者纷纷涌入个股期权押注。今年春天早些时候的模因股票狂热警告说，过剩的流动性正在四处流动。这些钱开始流出的速度可能比流入的速度还要快。</blockquote> With valuations looking steep, investors may have to temper their expectations for equity returns. Inker, for one, expects 3% returns, adjusted for inflation, in blue chips like&nbsp;Microsoft(ticker: MSFT),Johnson &amp; Johnson(JNJ), and&nbsp;Apple(AAPL). That would be below the historic 6% real return in stocks. But it beats the yields in investment-grade bonds, and it may be all investors can reasonably expect at this juncture.<blockquote>由于估值看起来很高，投资者可能不得不降低对股票回报的预期。例如，Inker预计微软（股票代码：MSFT）、强生公司（JNJ）和苹果公司（AAPL）等蓝筹股的回报率为3%，经通胀调整后。这将低于历史上6%的股票实际回报率。但它超过了投资级债券的收益率，这可能是投资者目前可以合理预期的所有收益率。</blockquote> Another place to look is the value universe. While nothing is cheap on an absolute basis, Inker says value still looks more attractive than growth. Value normally trades at 50% of the valuation of growth, but it is now at 33%, up from 28% last fall.&nbsp;To go from the current valuation back to normal, Inker says, would imply value “winning” by 64% relative to growth.<blockquote>另一个值得关注的地方是价值宇宙。Inker表示，虽然绝对没有什么是便宜的，但价值看起来仍然比增长更具吸引力。价值通常是增长估值的50%，但现在是33%，高于去年秋天的28%。Inker表示，从当前估值恢复正常意味着价值相对于增长“获胜”64%。</blockquote> “We think value stocks have plenty of room to run relative to the market,” he says.<blockquote>“我们认为价值股相对于市场有足够的运行空间，”他表示。</blockquote> Within the value universe, he recommends higher-quality stocks, while avoiding the more indebted, lower-quality companies. The median small-cap value stock now has debt that is six times its earnings before interest, taxes, depreciation, and amortization. “That’s a little scary,” he says. “Some of these companies have an awful lot of debt. It’s low-cost now but it doesn’t give them much margin of safety if the economy turns out not to be strong.”<blockquote>在价值宇宙中，他推荐质量较高的股票，同时避免负债较多、质量较低的公司。小盘价值股现在的债务中位数是其息税折旧摊销前利润的六倍。“这有点可怕，”他说。“其中一些公司负债累累。现在成本很低，但如果经济不强劲，就不会给他们带来太多安全边际。”</blockquote> Investors can gain exposure to these themes with exchange-traded funds. Names to consider include the&nbsp;iShares Russell 1000 Value ETF&nbsp;(IWD),Vanguard Small-Cap Value&nbsp;(VBR), and&nbsp;iShares S&amp;P Small-Cap 600 Value(IJS).<blockquote>投资者可以通过交易所交易基金投资这些主题。值得考虑的名称包括iShares Russell 1000 Value ETF(IWD)、Vanguard Small-Cap Value(VBR)和iShares S&amp;P Small-Cap 600 Value(IJS)。</blockquote> These ETFs won’t provide shelter in a torrential downpour, but they could leave investors with some dry powder for another day.<blockquote>这些ETF不会在倾盆大雨中提供庇护，但它们可能会给投资者留下一些干粉，以度过新的一天。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Stock Market Looks Shaky. 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These Are the Stocks to Own.<blockquote>股市看起来摇摇欲坠。这些是值得拥有的股票。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-05-20 22:18\n\n</h4>\n</header>\n<article>\nAn unusual pattern is emerging in stocks, and it isn’t encouraging. While the market has moved up, growth stocks have fallen or failed to keep up.<blockquote>股市正在出现一种不寻常的模式，但这并不令人鼓舞。当市场上涨时，成长股下跌或未能跟上。</blockquote> That doesn’t happen in the early stages of a bull market, when high-growth stocks lead the way. It is more characteristic of the fading phase as leadership shifts from speculative growth to value stocks and safer blue chips. Indeed, the rotation out of growth lately has some uncomfortable parallels to market peaks in 1929, 1972, and 2000, all of which preceded brutal bear markets.<blockquote>在牛市的早期阶段，当高增长股票领先时，这种情况不会发生。随着领导层从投机性增长转向价值股和更安全的蓝筹股，这更具衰退阶段的特征。事实上，最近的增长周期与1929年、1972年和2000年的市场峰值有一些令人不安的相似之处，所有这些都发生在残酷的熊市之前。</blockquote> “It could be the sign that the market is going to turn lower in a broad fashion,” says Ben Inker, head of asset allocation at GMO, a value manager with more than $60 billion under management.<blockquote>管理着超过600亿美元资产的价值管理公司GMO资产配置主管Ben Inker表示：“这可能是市场将普遍走低的迹象。”</blockquote> Granted, for all the negatives hitting stocks—led by fear of inflation and tighter monetary policy—there are some positives. Corporate profits are coming in ahead of Wall Street forecasts as the economy gains momentum, expanding at its fastest pace in decades. As the pandemic winds down and hiring picks up, profit estimates may even increase.<blockquote>诚然，尽管对通胀和货币政策收紧的担忧导致股市面临所有负面影响，但也有一些积极因素。随着经济势头增强，以几十年来最快的速度扩张，企业利润超出了华尔街的预期。随着疫情的结束和招聘的增加，利润预期甚至可能会增加。</blockquote> But plenty of market signals are flashing red. Cryptocurrencies, special-purpose acquisition companies, and tech stocks are ailing. Equity issuance has soared to its highest levels since the dot-com bubble. Investors have flooded into option bets on individual stocks. And the meme-stock frenzy earlier this spring was a warning that excess liquidity is sloshing around. That money may be starting to drain out faster than it rushed in.<blockquote>但大量市场信号正在闪烁红灯。加密货币、特殊目的收购公司和科技股表现不佳。股票发行量飙升至互联网泡沫以来的最高水平。投资者纷纷涌入个股期权押注。今年春天早些时候的模因股票狂热警告说，过剩的流动性正在四处流动。这些钱开始流出的速度可能比流入的速度还要快。</blockquote> With valuations looking steep, investors may have to temper their expectations for equity returns. Inker, for one, expects 3% returns, adjusted for inflation, in blue chips like&nbsp;Microsoft(ticker: MSFT),Johnson &amp; Johnson(JNJ), and&nbsp;Apple(AAPL). That would be below the historic 6% real return in stocks. But it beats the yields in investment-grade bonds, and it may be all investors can reasonably expect at this juncture.<blockquote>由于估值看起来很高，投资者可能不得不降低对股票回报的预期。例如，Inker预计微软（股票代码：MSFT）、强生公司（JNJ）和苹果公司（AAPL）等蓝筹股的回报率为3%，经通胀调整后。这将低于历史上6%的股票实际回报率。但它超过了投资级债券的收益率，这可能是投资者目前可以合理预期的所有收益率。</blockquote> Another place to look is the value universe. While nothing is cheap on an absolute basis, Inker says value still looks more attractive than growth. Value normally trades at 50% of the valuation of growth, but it is now at 33%, up from 28% last fall.&nbsp;To go from the current valuation back to normal, Inker says, would imply value “winning” by 64% relative to growth.<blockquote>另一个值得关注的地方是价值宇宙。Inker表示，虽然绝对没有什么是便宜的，但价值看起来仍然比增长更具吸引力。价值通常是增长估值的50%，但现在是33%，高于去年秋天的28%。Inker表示，从当前估值恢复正常意味着价值相对于增长“获胜”64%。</blockquote> “We think value stocks have plenty of room to run relative to the market,” he says.<blockquote>“我们认为价值股相对于市场有足够的运行空间，”他表示。</blockquote> Within the value universe, he recommends higher-quality stocks, while avoiding the more indebted, lower-quality companies. The median small-cap value stock now has debt that is six times its earnings before interest, taxes, depreciation, and amortization. “That’s a little scary,” he says. “Some of these companies have an awful lot of debt. It’s low-cost now but it doesn’t give them much margin of safety if the economy turns out not to be strong.”<blockquote>在价值宇宙中，他推荐质量较高的股票，同时避免负债较多、质量较低的公司。小盘价值股现在的债务中位数是其息税折旧摊销前利润的六倍。“这有点可怕，”他说。“其中一些公司负债累累。现在成本很低，但如果经济不强劲，就不会给他们带来太多安全边际。”</blockquote> Investors can gain exposure to these themes with exchange-traded funds. Names to consider include the&nbsp;iShares Russell 1000 Value ETF&nbsp;(IWD),Vanguard Small-Cap Value&nbsp;(VBR), and&nbsp;iShares S&amp;P Small-Cap 600 Value(IJS).<blockquote>投资者可以通过交易所交易基金投资这些主题。值得考虑的名称包括iShares Russell 1000 Value ETF(IWD)、Vanguard Small-Cap Value(VBR)和iShares S&amp;P Small-Cap 600 Value(IJS)。</blockquote> These ETFs won’t provide shelter in a torrential downpour, but they could leave investors with some dry powder for another day.<blockquote>这些ETF不会在倾盆大雨中提供庇护，但它们可能会给投资者留下一些干粉，以度过新的一天。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/stock-market-value-bargains-51621453639?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/stock-market-value-bargains-51621453639?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181082003","content_text":"An unusual pattern is emerging in stocks, and it isn’t encouraging. While the market has moved up, growth stocks have fallen or failed to keep up.\nThat doesn’t happen in the early stages of a bull market, when high-growth stocks lead the way. It is more characteristic of the fading phase as leadership shifts from speculative growth to value stocks and safer blue chips. Indeed, the rotation out of growth lately has some uncomfortable parallels to market peaks in 1929, 1972, and 2000, all of which preceded brutal bear markets.\n“It could be the sign that the market is going to turn lower in a broad fashion,” says Ben Inker, head of asset allocation at GMO, a value manager with more than $60 billion under management.\nGranted, for all the negatives hitting stocks—led by fear of inflation and tighter monetary policy—there are some positives. Corporate profits are coming in ahead of Wall Street forecasts as the economy gains momentum, expanding at its fastest pace in decades. As the pandemic winds down and hiring picks up, profit estimates may even increase.\nBut plenty of market signals are flashing red. Cryptocurrencies, special-purpose acquisition companies, and tech stocks are ailing. Equity issuance has soared to its highest levels since the dot-com bubble. Investors have flooded into option bets on individual stocks. And the meme-stock frenzy earlier this spring was a warning that excess liquidity is sloshing around. That money may be starting to drain out faster than it rushed in.\nWith valuations looking steep, investors may have to temper their expectations for equity returns. Inker, for one, expects 3% returns, adjusted for inflation, in blue chips like Microsoft(ticker: MSFT),Johnson & Johnson(JNJ), and Apple(AAPL). That would be below the historic 6% real return in stocks. But it beats the yields in investment-grade bonds, and it may be all investors can reasonably expect at this juncture.\nAnother place to look is the value universe. While nothing is cheap on an absolute basis, Inker says value still looks more attractive than growth. Value normally trades at 50% of the valuation of growth, but it is now at 33%, up from 28% last fall. To go from the current valuation back to normal, Inker says, would imply value “winning” by 64% relative to growth.\n“We think value stocks have plenty of room to run relative to the market,” he says.\nWithin the value universe, he recommends higher-quality stocks, while avoiding the more indebted, lower-quality companies. The median small-cap value stock now has debt that is six times its earnings before interest, taxes, depreciation, and amortization. “That’s a little scary,” he says. “Some of these companies have an awful lot of debt. It’s low-cost now but it doesn’t give them much margin of safety if the economy turns out not to be strong.”\nInvestors can gain exposure to these themes with exchange-traded funds. Names to consider include the iShares Russell 1000 Value ETF (IWD),Vanguard Small-Cap Value (VBR), and iShares S&P Small-Cap 600 Value(IJS).\nThese ETFs won’t provide shelter in a torrential downpour, but they could leave investors with some dry powder for another day.","news_type":1,"symbols_score_info":{".DJI":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":1342,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}